‘Guardian angel’ megadonors give $196M to influence 2024 elections  

• By Albert Serna Jr.
• August 19, 2024 
• OPEN SECRETS 

• 

U.S. President Joe Biden awards the Medal of Freedom to former New York Mayor Michael Bloomberg during a ceremony in the East Room of the White House on May 3, 2024 in Washington, D.C. (Photo by Kevin Dietsch/Getty Images)

Contributions from “guardian angel” megadonors totaled about $196 million between the start of the 2023-2024 election cycle through June 30 — a total expected to grow even more as the November election approaches.

Of the 31 donors who are considered guardian angels, a term for big donors who supply 40% or more of a committee’s funds and are a political group’s top contributor, 19 supported conservative candidates while eight contributed to liberal-leaning groups.

Conservative megadonors not only outnumbered their liberal counterparts but also gave more overall between the start of the election cycle and the end of June. But guardian angel contributions to nonpartisan and third party groups outpaced donations to liberal groups despite the latter attracting twice as many donors, OpenSecrets’ analysis of Federal Election Commission data found.

With less than four months until Election Day, Senior Counsel for the Brennan Center’s Elections and Government Program Ian Vandewalker said that he wasn’t surprised the flood of money megadonors have poured into 2024 elections. 

“That number doesn’t strike me as enormously high for what’s going to be the most expensive election ever, but I predict it’s going to go up a lot,” Vandewalker said.

Some of 2023’s biggest megadonors continue to top the list of guardian angel donors, including billionaire investor Jeffrey Yass, who contributed more than $37.6 million to conservative political groups as a guardian angel donor through June 30 .  

Conservative groups received $36.8 million from Yass who also donated to help oust anti-school voucher Republicans in Texas earlier this year

 The billionaire contributed $8.7 million to AFC Victory Fund – about 70% of the committee’s total funding. He also gave $5.2 million to School Freedom Fund, making up 59% of the super PAC’s total contributions. Yass’ biggest angel donation was $14 million which accounted for 97% of Protect Freedom PAC’s total funding.

Yass also gave $800,000 to Moderate PAC in support of Democrat Bhavini Patel’s failed primary challenge against incumbent Rep. Summer Lee (D-Pa).

Billionaire shipping supply magnates Richard and Elizabeth Uihlein were also among the top megadonors, pouring $32.5 million into conservative political groups. The billionaire founders of Uline, a Wisconsin-based manufacturer of cardboard boxes and other packaging supplies, have a sweeping web of financial influence from super PACs to “dark money” groups, and activists spreading disproven theories about former President Donald Trump’s loss in the 2020 election.  

The Uihleins’ biggest contributions of the 2024 cycle include $20.9 million to Restoration PAC, which accounted for about 89% of the committee’s total funding this cycle. 

Liberal billionaire Michael Bloomberg was also on the list of top guardian angel megadonors, with his $7.5 million putting him in the top 10 donors on the list during the 2023-2024 cycle. The former presidential hopeful, media mogul and longtime New York City mayor gave $7 million to Everytown-Demand a Seat PAC, accounting for nearly 88% of its funds. The PAC launched in 2021 as part of Everytown, a gun control advocacy operation launched and largely funded by Bloomberg. Everytown for Gun Safety Victory Fund, the group’s main political arm, is largely funded by Everytown for Gun Safety Action Fund, which is also funded in part by Bloomberg.

During the 2024 cycle, Bloomberg also accounted for the bulk of funding to Neighbors for Results, a super PAC that helped support former San Jose Mayor Sam Liccardo in his ongoing bid for California’s 16th Congressional District. 

Another guardian angel donor, billionaire and transportation executive Timothy Mellon, gave more than $25 million to American Values 2024, accounting for almost 50% of the super PAC’s total receipts. Although Mellon has previously been a conservative donor, American Values 2024 supported Independent presidential candidate Robert F. Kennedy Jr.

Looking forward to November and at the current rate of giving, Vandewalker said that a continued rise in guardian angel donations should be expected and that there are reasons why megadonors who are the main support for a committee give in large amounts.

“A lot of outside money comes in relatively late and guardian angel donors you would think are going to be the biggest slice of it,” Vandewalker said. “These megadonors tend to want to be the biggest donor to a super PAC, and then they can tell the super PAC what to do.”

Senior Researcher Doug Weber contributed to this report.